How to Apply Porter's Five Forces to Discover Opportunities in P&G
Audit Checklists & Continuous Auditing for Financial Close and Sarbanes-Oxley (SOX) Audit Procedures
December 2006
This document provides a consolidated set of audit checklists typical of those used by internal and external auditors to evaluate the financial close process and test compliance with SarbanesOxley (SOX). These checklists identify all of the typical controls that comprise a typical audit and highlight ways that you can automate many of the tasks by using an independent controls monitoring and audit (CMA) solution.
Table of Contents
Section 1 – Financial Close Process ......................................................................................... 3 Section 2 – Entity Level Controls - Control Environment ........................................................... 5 Section 3 – Entity Level Controls - Information & Communication............................................. 8 Section 4 – Entity Level Controls – Monitoring ........................................................................ 10 Section 5 – Entity Level Controls – Risk Assessment ............................................................. 12 Section 6 – Expenditure Process Controls .............................................................................. 12 Section 7 – Fixed Assets Process Controls ............................................................................. 17 Section 8 – Inventory Management Process Controls ............................................................. 19 Section 9 – Payroll Process Controls ...................................................................................... 22 Section 10 – Revenue Process Controls ................................................................................. 24 Section 11 – Treasury Process Controls ................................................................................. 27 Section 12 – SOX
December 2006
This document provides a consolidated set of audit checklists typical of those used by internal and external auditors to evaluate the financial close process and test compliance with SarbanesOxley (SOX). These checklists identify all of the typical controls that comprise a typical audit and highlight ways that you can automate many of the tasks by using an independent controls monitoring and audit (CMA) solution.
Table of Contents
Section 1 – Financial Close Process ......................................................................................... 3 Section 2 – Entity Level Controls - Control Environment ........................................................... 5 Section 3 – Entity Level Controls - Information & Communication............................................. 8 Section 4 – Entity Level Controls – Monitoring ........................................................................ 10 Section 5 – Entity Level Controls – Risk Assessment ............................................................. 12 Section 6 – Expenditure Process Controls .............................................................................. 12 Section 7 – Fixed Assets Process Controls ............................................................................. 17 Section 8 – Inventory Management Process Controls ............................................................. 19 Section 9 – Payroll Process Controls ...................................................................................... 22 Section 10 – Revenue Process Controls ................................................................................. 24 Section 11 – Treasury Process Controls ................................................................................. 27 Section 12 – SOX